Academic Track Topic: Curriculum Development. A Course Model: Financial Applications for XBRL and Interactive Data October 27, 2011

Transcription

1 Academic Track Topic: Curriculum Development A Course Model: Financial Applications for XBRL and Interactive Data October 27, 2011

2 2 Kris Brands Assistant Professor MSA Program, Regis University

3 Agenda Introduction Background Course Description XBRL Model Curriculum Course Objectives Course Strategies Course Resources Questions 3

4 Kris Brands Kristine Brands is an Assistant Professor of Accounting at Regis University in the School of Management. She has extensive work experience in finance, accounting, controllership, auditing, software engineering, and financial systems design and implementation. She holds the CPA and CMA certificates. Her research interest areas are performance measurement, International Financial Reporting Standards, and XBRL and interactive data. She serves on the Board of Directors of the Institute of Management Accountants and is a member of IMA s XBRL Standing Committee and COSO Advisory Committee. Kris has authored numerous articles about XBRL for Strategic Finance, Accountancy Age and others. She holds a BA in History from the University of Rochester, an MBA in Accounting from Emory University, and a Certificate in Applied Science in Software Engineering from Harvard University Extension. She is ABD at the Institute of Advanced Studies at Colorado Technical University. 4

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6 Background College for Professional Studies School of Management Programs MSA MBA MSIA Accounting Systems Courses IT Auditing Accounting Information Systems Two XBRL Courses 6

7 Regis Students 7

8 XBRL and Interactive Data Upper Level MSA/MBA/MSIA Class Business to Tech Perspective Launched during Summer Intensives 2010 Survey Class 25% MSIA Students; 75% MSA/MBA Students Week Long Class Taught Ground Based in 2011 IFRS Accounting Class Covers IFRS XBRL Reporting Controllership Class Includes XBRL Module 8

9 Course Description This session presents a case study based on an XBRL course taught at Regis University in Denver, Colorado. MSAA/MBAA/MSIA612Q Financial Applications for XBRL and Interactive Data focuses on external and internal applications of XBRL in organizations. The course incorporates a hands-on approach by leveraging the technology of Rivet Software s Crossfire Software to teach students how to implement the Security and Exchange Commission s (SEC) financial reporting filing mandate of 2009, apply XBRL to internal business applications to streamline processes, and to perform business analytics based on XBRL tagged financial data. The course is approached from a business perspective to introduce students to XBRL s powerful business information reporting capability. 9

10 Course Objectives The learning objectives of the course are: The History of XBRL. The Structure of XBRL and its Terminology The XBRL Business Case for Public and Private Sectors The SEC 2009 Reporting Mandate for XBRL SEC Approved XBRL Taxonomies XBRL Tagging Workshops for the SEC mandate XBRL Tagging Workshops for Internal Business Processes Financial Analysis and Business analytics using XBRL Software 10

11 Rivet Software TM Proven XBRL Software in the Industry 11

12 RIVET: Steady Growth, scalable solutions EDGARfilings 122 Clarity FSR/ Fujitsu 93 Other 152 Fujitsu Xwand 217 WebFilings 83 Bowne 404 Rivet 538 EDGARfilings 918 Clarity FSR/ Fujitsu 313 Fujitsu Xwand 1074 Other 436 EDGAR Online 1276 WebFilings 135 Bowne 1921 Rivet 2060 EDGAR Online 99 SEC Filings, Q By XBRL Vendor All XBRL Filings By XBRL Vendor Rivet = 31.4% Rivet = 25.3% Source: XBRL Cloud EDGAR Dashboard, as of 7/19/11 12

13 Crossfire SOLUTION Suite 13

14 XBRL Regulatory Developments Canada US Cayman Islands Colombia Brazil UK Ireland Netherlands France Spain Germany Italy Bermuda (Updated May 2011) Norway Belgium Sweden Lux. Finland Poland Israel UAE Iran India Lithuania China Thailand Russia South Korea Japan Argentina Development of technology & standard Voluntary XBRL filing to one or more regulators Required XBRL filing to one or more regulators Chile South Afric a Singapore ` We are seeing a substantial growing interest in XBRL-based efiling globally Australia New Zealand 14 Source: Ernst & Young

15 High Level Learning Activities Hands-on XBRL Software Applications Case Studies Taxonomy Reviews Research Paper 15

16 SEC Mandate Phase-In 2009 >$5B Large Accelerated Filers ( 450 Companies) 2010 Rest of Large Accelerated Filers (>$700M<$5B ( 900 companies) 2011 SME and IFRS Filers ( 7,000 companies) Phase In Ends All Companies are Required to Detail Tag for Year Ends After 6/30/2012 in 10-Ks 16

17 SEC Approved Taxonomies 2012 US GAAP Financial Reporting Taxonomy Draft 2011 US GAAP Financial Reporting Taxonomy (UGT) 2011 IFRS Taxonomy 17

18 Learning Activities Featured Visiting Speakers Webinars Kim Wallin, Controller of Nevada Liv Watson, Chief Product Officer, XBRL International Rivet Software Guest Speakers IMA Webinar Archives April 20, 2011: "The Global Wake Up Call - XBRL Drives Corporate and Tax Reporting May 11, 2011: "How to Beat Spreadsheet Misery: An XBRL Case Study From The State of Nevada Other Webinars Under Development 18

19 Software Learning Activities Crossfire Hands-on SEC Mandate Compliance Block Footnotes Detailed Footnotes Review and Validation Analytics 19

20 Yeti 20

21 Crossfire: Online Reviewer s Guide 21

22 Challenges and Opportunities Department Buy-in Ground and Online Program Student Readiness Accountant to Software Proficiency Future Courses and Applications 22

23 Resources Brands, Kristine. (2010). The Buzz about XBRL. Strategic Finance, Oct2010, Vol. 92 Issue 4, p64-65 Brands, Kristine. (2011). Peer Review: An Internal Control for the XBRL SEC Tagging Mandate. Strategic Finance, Jul2011 Vol. 93 Issue 1, p64-65 Brands, Kristine. (2011). A Tale of Two XBRL Taxonomies. Strategic Finance, Oct2011 Vol. 93 Issue 2, p Rivet Crossfire Software UGT Taxonomies Yeti Tool 23

24 Contact Information Kristine Brands, Assistant Professor MSA Program Regis University, Denver, CO

25 Questions 25